Madison County business owner pleads guilty to felony tax evasion
PRESS RELEASE FROM THE TENNESSEE DEPARTMENT OF REVENUE:
JACKSON, Tenn. ⎯ The Special Investigations Section of the Tennessee Department of Revenue conducted the investigation that led to Derek Wood pleading guilty to 42 felony counts of tax evasion related to the filing of false sales tax returns.
Wood is the owner of T&D’s Corner Stop in Jackson. Wood’s guilty pleas stemmed from his failure to remit collected sales tax from customers at his business. Wood is scheduled for sentencing on May 5, 2025.
“The Department of Revenue has always been committed to making sure Tennessee’s tax laws and procedures are applied uniformly to ensure fairness,” said Revenue Commissioner David Gerregano. “We can never allow individuals engaged in fraudulent tax activity to have a competitive advantage over honest Tennesseans.”
Wood’s conviction could result in a maximum of four years in the state penitentiary and a fine of up to $6,000 for each count of false sales tax returns.
The department pursued the criminal case in cooperation with District Attorney General Jody Pickens’ Office. Citizens who suspect violations of Tennessee’s revenue laws should call the toll free tax fraud hotline at (800) FRAUDTX (372-8389).
The Department of Revenue is responsible for administrating state tax laws and motor vehicle title and registration laws and collecting taxes and fees associated with those laws. The Department collects about 87 percent of total state revenue. During the 2024 fiscal year, it collected $22.2 billion in state taxes and fees and more than $4.7 billion in taxes and fees for local governments. To learn more about the department, visit www.tn.gov/revenue.
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